Have you given much thought to how secure your Bitcoin wallet password is? Most people set their password and don’t give security a second thought. Is that a good idea? Is your Bitcoin wallet password really as secure as you think it is? Are there some things you should do to make your password more secure? Let’s look at Bitcoin wallet security and some things you should consider.
You probably realize that if someone got a hold of your Bitcoin wallet password that all of your funds would be at risk. You and I put a lot of faith in our passwords and we believe that they are secure enough that no one could steal them. Is that really true? A software review site decided to test out password security and the results were eye opening.
We already know that the Bitcoin private key is extremely secure, as it is a 256-bit number which is a 64-digit hexadecimal. It is not going to be hacked. We don’t even know our Bitcoin private keys, as we really just know our Bitcoin wallet ID and password. We access our Bitcoin wallet through our desktop, laptop or on our phone. To get into the wallet we enter our ID and password. The ID is simple enough for someone to figure out, as it is normally our email address, but the password is supposed to be another story.
The software review site ran a test and found that 4-digit pin codes take no time at all to crack. They also found that if you just use random letters, say 7 letters, it takes just seconds for a computer to crack. It does take longer if you add letters to your password, but most people don’t want to make their passwords long. The best way to improve security is to use a combination of upper and lower case letters and also include numbers and special characters. For example, they found that a password like ‘P@ssw0rD’ would take about 14 years to crack.
Bitcoin Wallet Security Recommendations
The first thing to do to increase your security in your Bitcoin wallet is to make sure your password includes numbers, letters and special characters. Put in a variety of things and make sure you don’t use that password anywhere else.
Another thing you can do is to enable two-factor authentication (2FA). We all hate to use 2FA, but it helps if you use the two-factor authentication. Even if a person comes up with your password they won’t be able to get into your account without a second factor that you control. Most of the time that second factor is an email response or a phone code.
Some people recommend that you also use a separate email for your Bitcoin wallet so that a hacker won’t immediately have your user id. Another recommendation is to use an offline wallet to store your Bitcoin. If you have an online wallet you are letting the service provider store your Bitcoin. Online wallets are easy to use, but they are also not totally secure, so keep that in mind. An offline wallet gives you full control and more protection.
Did you know that many top companies around the world have already embraced cryptocurrencies, especially Bitcoin as an online payment method? Bitcoin has proven to be a reliable, safe and fast way to transfer money and businesses have taken notice. A number of sports teams have already implemented blockchain technology and some accept Bitcoin as a payment method. Other marquee companies like AT&T, Microsoft, leading online sportsbook BookMaker, and others have already implemented Bitcoin payment methods. You can get started with a Bitcoin wallet today and begin sending and receiving Bitcoin at BookMaker with no worries about your funds not going through. Check out the latest Bitcoin deposit and withdrawal options at BookMaker today and join the many customers who have already discovered Bitcoin as a reliable payment method.
Check out the latest Bitcoin deposit methods at BookMaker today.
